Putzmeister's Chinese employees protest due to layoff fears
- By Yan Pei
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E-mail China.org.cn, February 16, 2012
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Sany announced last month that it will join hands with Chinese private equity firm CITIC Group to acquire Putzmeister. [File photo] |
Sany Heavy Industry's takeover of German concrete pump maker Putzmeister is facing another challenge from the latter's employees. Hundreds of Putzmeister's Chinese employees went to the government of Shanghai’s Songjiang district on Wednesday to protest due to concerns of job loss and compensation plans.
Previously, German employees at Putzmeister's Shanghai branch protested in front of their Shanghai headquarter, complaining about possible layoffs and the fact that they had not been told about the acquisition beforehand.
Sany later verbally promised these foreign employees that there would be no layoffs, but said no such thing to Chinese employees of the German company.
Wednesday's protest was aimed at bringing the city government into negotiating the employee compensation plan. Employees refused to accept the compensation proposal previously offered by Putzmeister. Instead, they asked for a buyout of the company and demanded that the compensation amount would be enough to support them until they find new jobs.
Sany announced last month that it will join hands with Chinese private equity firm CITIC Group to acquire Putzmeister.
China's business press carried the story above on Thursday.
Contact the writer of this story at: yanp@china.org.cn.
